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Hollywood Actor Zachary Horwitz Sentenced To 20 Years For Ponzi Scheme

By Chinelo Eze
16 February 2022   |   10:16 am
Zachary Horwitz has confirmed operating a multi-million dollar ponzi scheme. The actor was given a jail term sentence of 240 months (20 years) in the federal prison. Following the sentence, Horwitz is required to pay a compensation of more than $230 million. The Department of Justice made this known in a news release stating that…

LOS ANGELES, CA – FEBRUARY 14: Horror-film actor Zachary Horwitz, 35, flanked by attorneys Ryan Hedges, left, and Anthony Pacheco, was sentenced to a maximum of 20-years by a federal judge for running what prosecutors say is the biggest Ponzi scheme in Hollywood history, as he exitis the U.S. District Court on Monday, Feb. 14, 2022 in Los Angeles, CA. Horwitz is required to pay $230 milliion in restitution to victims and must self surrender on March 14, 2022. He fabricated HBO and Netflix contracts that made it look like he had distribution rights for hundreds of films in markets overseas, but in reality had no deals at all. (Gary Coronado / Los Angeles Times via Getty Images)

Zachary Horwitz has confirmed operating a multi-million dollar ponzi scheme. The actor was given a jail term sentence of 240 months (20 years) in the federal prison.

Following the sentence, Horwitz is required to pay a compensation of more than $230 million.

The Department of Justice made this known in a news release stating that Horwitz ‘‘raised at least 650 million dollars with bogus claims that investor money would be used to acquire licensing rights to films that the HBO and Netflix purportedly had agreed to distribute abroad.’’

In October, the actor pleaded guilty to a federal securities fraud charge against him.

According to a filed report by the Securities and Exchange Commission, the 35-year-old was also accused of hiding money in his personal account which he splurged on chartered jet trips to Las Vegas and a private residence for roughly $5.7 million in cash.

The actor who is better known for his stage name ‘‘Zach Avery’’ featured in a minor role in ‘Fury’ starring Brad Pitt.